Need and Importance of Agricultural Insurance for Farmers in India
agriculture insurance crop insurance farmer insurance government insurance schemes natural disaster insurance tractor insurance
In India, agriculture is dependent on natureand plays a significant role in Indian economy. Indian farmers have to suffer a huge loss during natural calamities such as flood, drought or earthquake. Bitter truth is that one Indian farmer attempts suicide every day due to less income and poverty. Therefore, insurance is one of the best ways to protect the farmers from such damages.
In India, crop insurance was introduced in the year 1985 when seventh five year plan was announced. Commercialization of agricultural products has increased in India. The fluctuation in the price of the products has affected the income of the farmers significantly. Insurance of crop production provides a relief to the farmers when the crop is damaged by attack of pests, flood, drought or any other means.
Various insurance coverage available to Indian farmers is as follows:
Ø Loss / damage caused due to fire or natural disaster such as flood, storm, cyclone, earthquake etc.
Ø Loss or damage to the property of the insured farmer
Ø Coverage for personal accident which includes the insurer and the family members
Ø Cover for loss or damage of tractor
Ø Cover for loss of pump set
Understanding the problem of farmers, Government of India came up with several insurance schemes to protect the farmers from any damage or loss.
Some of Popular insurance schemes for farmers given below :
| 1 | Power failure insurance |
| 2 | Farmers insurance |
| 3 | Weather based insurance |
| 4 | Plant insurance |
| 5 | Crop insurance |
| 6 | Rainfall insurance |
| 7 | Mango Insurance |
| 8 | Rabi Weather Insurance |
| 9 | Potato Insurance |
| 10 | Rubber / Cotton Insurance |
| 11 | Wheat Insurance |
See also:
